Prior to the creation of promotional content, businesses must define a niche-market that they wish to target. Mass marketing to all consumers without identifying key demographic, psychographic, geographic, and behavioral attributes will prove to be an ineffective marketing approach.
Demographics cover a large range of characteristics such as gender, ethnicity, age, income, family size, and education. Age and income are considered to be the most common factors when establishing a segregated target market. Dependent on the type of product or service that you are attempting to advertise, these characteristics will differ.
Geography uses location, density, and market size to segment a market. Regardless of which segmentation technique you incorporate into your marketing campaign, it is crucial that you are able to locate those customers; once you have dominated a specific geographic market, further expansion can be considered.
Consumer opinions, lifestyles, and interests are all categorized into psychographics. For example, the adoption of a healthy and active lifestyle would impact a consumer’s decision on which restaurant to go to dinner for; the consumer would prefer a restaurant that provides wholesome and nutritious meals.
The final step in identifying your target market is learning about consumer purchasing patterns, consumer loyalty, and consumer attitudes; this includes information regarding how often a client purchases a product or service, its use and consumption, and the individual’s brand loyalty.Remember, this entire process is only a single step in creating a customer profile for your business. This information will help narrow down your specific target market; however, it should be noted that many businesses have several niche markets, as opposed to a single one.Does target market research sound interesting to you? Of course it does! ABM College offers a 51 week Business Administration Diploma; learn about other topics related to marketing and business by enrolling today!